Kuwait: A Dubai court has ordered the National Bank of Umm Al Quwain to repay Kuwait's Global Investment House $250 million, Global said yesterday.
Global's chief executive Bader Al Sumait said in a statement the money from the UAE bank will be used to repay the company's restructured debt.
In December, Global reached a deal with creditors to reschedule $1.7 billion in debt, and entered into new three-year fac-ilities with each of its 53 lending banks.
Global said in the statement the $250 million was "towards the refund of a deposit placed by the company with this bank in August 2008". It did not elaborate.
A company official told Reuters the National Bank of Umm Al Quwain held the money which was made as a deposit when Global was in talks with the lender for acquiring a share of it.
